Beaufort Oil & Gas Seminar July

Transcription

1 Beaufort Oil & Gas Seminar July

2 Disclaimer These presentation materials (the Presentation Materials ) do not constitute or form any part of any offer or invitation to sell or issue or purchase or subscribe for any shares in Lansdowne Oil & Gas plc ( Lansdowne ) nor shall they or any part of them, or the fact of their distribution, form the basis of, or be relied on in connection with, any contract with Lansdowne, or any other person, relating to any Lansdowne securities. Any decision regarding any proposed purchase of shares in Lansdowne must be made solely on the basis of the information issued by Lansdowne at the relevant time. Past performance cannot be relied upon as a guide to future performance. The Presentation Materials are not intended to be distributed or passed on, directly or indirectly, to any other class of persons. They are being supplied to you solely for your information and may not be reproduced, forwarded to any other person or published, in whole or in part, for any other purpose. In particular they, directly or indirectly, must not be distributed to persons in the United States of America, its territories or possessions or Australia or Canada or Japan or the Republic of Ireland or South Africa. Any such distribution could result in a violation of law in those territories. The Presentation Materials do not constitute or form part of a prospectus prepared in accordance with the Prospectus Rules (being the rules produced and implemented by the Financial Services Authority ( FSA ) by virtue of the Prospectus Rules Instrument 2005) and have not been approved as a prospectus by the FSA (as the competent authority in the UK). The Presentation Materials do not contain any offer of transferable securities to the public as such expression is defined in section 102(b) FSMA or otherwise and do not constitute or form part of any offer or invitation to subscribe for, underwrite or purchase Lansdowne securities nor shall they, or any part of them, form the basis of, or be relied upon in connection with, any contract with Lansdowne relating to any Lansdowne securities. No reliance may be placed for any purpose whatsoever on the information contained in the Presentation Materials or on the completeness, accuracy or fairness of such information and/or opinions expressed herein. No representation or warranty, express or implied, is made or given by or on behalf of Lansdowne or any of its directors, officers, partners, employees or advisers as to the accuracy or the completeness of the information or opinions contained herein and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors or omissions. 2

3 Lansdowne - Our Business Focus on resurgent North Celtic Sea Basin with its proven petroleum systems for oil & gas and established gas production infrastructure Balanced portfolio of: Contingent oil resources on discovered oilfields Contingent gas resources on discovered gas fields Drill ready low- moderate risk gas satellite prospects near existing infrastructure Additional oil prospects/play fairway with upside potential Leverage technical & commercial experience Extensive knowledge base of region - competitive advantage Utilising latest technology 3D seismic Seek to enhance value at front end of exploration & appraisal cycles and realise value opportunistically 3

4 Corporate Details Ticker M/Cap Share Price ISC Options Fully Diluted LOGP m p 28 June m 3.04 m m Significant Shareholders 28 June 2013 Shares Current % Lampe Conway 36,401, SeaEnergy PLC 30,194, Aviva 13,242, T.Anderson 9,688, Artemis 6,500, Davy 4,606, Directors 3,987,

5 Lansdowne - Directors & Management John Greenall, Non-Executive Chairman currently non-executive Director, RP&C International, investment bank former head of corporate broking at Investec; former partner RC Greig & Co; and head of corporate broking Greig Middleton Dr Stephen Boldy, Chief Executive Officer former International Exploration Manager, Amerada Hess Corporation petroleum geologist with 32 years in E&P worldwide including Ireland Emmet K Brown, Business Development Director former Managing Director Atlantic Resources Plc & Tuskar Resources Plc; founder & Managing Director of Milesian Oil Ltd petroleum geologist with 40 years in E&P worldwide including former Chief Geologist for Marathon Oil, Egypt and Ireland Non-Executive Directors: John Aldersey-Williams, Steven Lampe & Viscount Torrington Company Secretary: Con Casey 5

6 Lansdowne Celtic Sea Licences 6

7 Lansdowne Seismic & Well Database Ballycotton Midleton Rosscarbery Polarcus Samur on Location 2011 Amergin Barryroe 7

8 Barryroe well 48/24 10z Results Basal Wealden sandstone tested at 3,514 bopd & 2.93 mmscfgd Upper gas zone added and tested at c.7.0 mmscfgd & 1,350 bopd at 1700 psig flowing well head pressure Estimated well potential 17.0 mmscfgd & 3,350 bopd at 500 psig flowing well head pressure Source: Providence Resources 8

9 Barryroe Schematic Cross - Section Source: Providence Resources 9

10 Barryroe CPR Estimates Reservoir Interval 1C (MMBO) 2C (MMBO) 3C (MMBO) Middle Wealden STOIIP (RPS) Recoverable (RPS) Basal Wealden STOIIP (NSAI) Recoverable (NSAI) TOTAL STOIIP TOTAL Recoverable LANSDOWNE (20%) NET RECOVERABLE , , , Note: The table above excludes recoverable solution gas (i.e. 207 BCF or 34.5 MMBOE in the 2C case) Additional potential in drilled Lower Wealden and Purbeckian sandstones and in undrilled deeper Jurassic section Source: Providence Resources 10

11 Celtic Sea Petroleum Systems 11

12 Cretaceous Oil Play Fairway 12

13 Amergin Prospect (Lansdowne 100%) Water Depth : Planned Total Depth : 340 feet 11,000 feet Reservoir MMbbl STOIIP/Recoverable P90 P50 P10 Hauterivian 87/23 118/35 154/50 Base Valanginian 126/31 149/45 177/60 Basal Wealden 297/73 350/ /139 Upper Jurassic 105/36 122/47 142/58 Total 615/ / /307 Source: Merlin Energy Resources 13

14 Amergin Inversion Psi(-55 ) Tie to 48/22-1A NNW 48/22-1A SSE Base Chalk Greensand Apto Barremian Sands correlate with high impedance zones (orange) Shales correlate with low impedance zones (blue) Top Valanginian Base Cretaceous Base Wealden TWT Map Contour interval 100 ms 14

15 Cretaceous Gas Play Cretaceous Gas Play Shallow water ft Reservoirs c ft subsea Dry Gas (c 99% methane) Production to date Kinsale 1.7 TCF Ballycotton c 61 BCF Seven Heads c 25 BCF 15

16 Ireland Gas Market Supply & Demand Source: DCENR - PAD WEBSITE 16

17 Gas Supply Ireland - Infrastructure CORRIB MOFFAT INCH Source: Joint Gas Capacity Statement 2012 CER & Utility Regulator 17

18 Cretaceous Gas Reservoirs Greensand or A Sand Producing Discoveries Kinsale Ballycotton Galley Head Primary Target Target Rosscarbery Midleton East Kinsale Wealden Producing Discoveries Target Kinsale Seven Heads Old Head, Schull, Carrigaline, Ardmore Rosscarbery East Kinsale Secondary Target Source: Merlin Energy Resources 18

19 3D Seismic Inversion Cretaceous Gas Play Log data from wells integrated with the D seismic data to look for impedance changes caused by variations in fluids Fluid substitution modelling work indicates that gas bearing sands in the Greensand and Wealden should generate a characteristic seismic response Fluid anomalies, interpreted as gas bearing Greensand reservoirs, identified in: Galley Head gasfield Midleton prospect SE Rosscarbery prospect Fluid anomaly interpreted as possible gas bearing Upper Wealden sands identified in Main Rosscarbery prospect 19

20 Top A Sand Depth, Midleton-Ballycotton Trend Northern Horst Prospect North-Eastern Horst Prospect 3D Area Midleton Prospect Ballycotton Field Midleton Prospect Reservoir BCF GIIP/Recoverable P95 P50 P5 A Greensand 179/ / /199 Upper Wealden 90/66 126/94 171/130 Total 269/ / /329 5 km Source: Merlin Energy Resources 20

21 3D Seismic Inversion Galley Head & Midleton Midleton Prospect Galley Head Gas field 21

22 Galley Head Gas Field (Lansdowne 99%) Fluid Volume (Psi+20), with Extracted Impedances WSW Extracted Impedance Psi minus 55 Maximised Lithology Volume = Blue ENE Extracted Impedance Psi plus 20 Maximised Fluid Volume = Red Gas Effect, low Psi plus 20 Impedance Top A Sand A Sand Fluid (Gas?) Anomaly Source: Merlin Energy Resources Maximised Fluid Volume 22

23 Midleton Prospect (Lansdowne 100%) Fluid Volume (Psi+20), with Extracted Impedances WSW Extracted Impedance Psi minus 55 Maximised Lithology Volume = Blue ENE Extracted Impedance Psi plus 20 Maximised Fluid Volume = Red?Gas Effect, low Psi plus 20 Impedance Top A Sand A Sand Fluid (Gas?) Anomaly Source: Merlin Energy Resources Maximised Fluid Volume 23

24 A Sand Interval, Fluid vs Lithology Cross-Plots Galley Head Proven Gas and Midleton Prospect Galley Head Field Proven Gas In A Sand Midleton Prospect A Sand Water Sands (blue) Water Sands (blue) Proven Gas Sands (red) Interpreted Gas Sands (red) Source: Merlin Energy Resources 24

25 Arbitrary Line Crossing Galley Head and SE Rosscarbery Fluid Volume E S Top A Sand Galley Head Fluid Anomaly for A Sand Proven gas Rosscarbery No Fluid Anomaly for A Sand SE Rosscarbery Fluid Anomaly for A Sand Likely gas Top A Sand Rosscarbery Possible Fluid Anomaly for U Wealden Sand Source: Merlin Energy Resources 25

26 Summary Extensive acreage position in North Celtic Sea Basin, offshore Ireland Proven oil and gas petroleum systems Shallow water Good fiscal terms Leverage experience and knowledge base in underexplored basin using latest technology Extensive 3D seismic programme completed in summer 2011 Greatly improved flow rates for Cretaceous oil play using VIT Barryroe volumes upgraded following appraisal well Additional potential identified in Lower Wealden, Purbeckian and Upper Jurassic levels Farm-out process in progress for exploration drilling programme on three prospects 26

27 Beaufort Oil & Gas Seminar July